Financial account expert help me to solve this The December 31, 2017 inventory of Gwynn Company consisted of fourproducts, for which certain information is provided below.ProducOriginalReplacementEstimatedExpectedDisposalSellingNormalProfit ontCostCostCostPriceSalesA$ 24.00$ 22.00$6.50$ 40.0020%B$42.00$ 40.00$ 10.00$48.0025%C$ 120.00 $115.00$ 25.00$ 190.0030%D$ 19.00$ 15.80$ 4.00$ 26.0010%Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported foreach product on December 31, 2017.Product A$B$C$D$

Step 1: Understand the Rules for LCMUnder LCM:Cost: Original cost of the inventory.Market Value: The…

Answered: The December 31, 2017 inventory of…

Financial Accounting: The Impact on Decision Makers

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Author:Gary A. Porter, Curtis L. Norton

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Chapter5: Inventories And Cost Of Goods Sold

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Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
es w TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? F2 Year-End Cost $ 250,000 259,000 Multiple Choice O # The amount reported for ending inventory should be calculated as $250,000+ ($9,000 + 1.06). The amount reported for ending inventory should be calculated as $259,000 + 1.06. The amount reported for ending inventory is correct. 20 F3 $ 000 F4 % F5 < Prev A S F6 16 of 16 & # K F7 Next * * O DII F8 44 F9 A F10 A FIT
compute the inventory valuation that should be reported for each product on December 31, 2014.
The following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 19,900 $42.85 Jan 5 sale 5,840 73.00 Feb 15 purchase 34,800 40.25 Mar 10 purchase 10,200 49.00 May 20 sale 42,100 73.00 Aug 22 purchase 15,100 44.80 Sep 12 sale 20,200 73.00 Nov 24 purchase 9,000 47.00 Dec 5 sale 16,200 73.00 Calculate the ending inventory balance for Wildhorse Ltd., assuming the company uses a perpetual inventory system and the moving- average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $ eTextbook and Media Su
The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 23,900 $43.00 Jan 5 sale 5,800 85.00 Feb 15 purchase 31,800 34.25 Mar 10 purchase 8,800 41.00 May 20 sale 40,100 85.00 Aug 22 purchase 15,200 34.50 Sep 12 sale 20,150 85.00 Nov 24 purchase 10,200 55.00 Dec 5 sale 17,850 85.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to SUPPORT places, e.g. 5,276.)
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 33 $ 4,950 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 40 3,600 4/10 Purchase 140 39 5,460 6/11 Sale (100 ) - - 9/28 Purchase 50 35 1,750 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.multiple choice True False
General Accounting
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 34 $ 5,100 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 36 3,240 4/10 Purchase 140 38 5,320 6/11 Sale (100 ) - - 9/28 Purchase 50 39 1,950 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
The December 31,2016 inventory of Gwynn Company consisted of three products, for which certain information is provided below. Products Original Replace Estimated Expected Normal Profit cost cost Disposal Selling on sales cost Price A $25 $22 $6.5 $40 20% B $42 $40 $12 $48 25% C $120 $115 $25 $190 30% Instructions Compute the inventory valuation that should be reported for each product on December 31, 2016. ( I ) The lower-of-cost-or-n et realizable value (2) The lower-of-cost-or-market
The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…
The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 20,160 $44.75 Jan 5 sale 6,120 69.95 Feb 15 purchase 33,900 41.25 Mar 10 purchase 10,420 46.00 May 20 sale 41.800 69.95 Aug 22 purchase 14,000 42.00 Sep 12 sale 20,300 69.95 Nov 24 purchase 9,300 43.95 Dec 5 sale 14,800 69.95 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the moving- average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.) Ending inventory $ SUPPORT
The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Quantity 24,000 6,400 33.000 9,600 41,600 14,400. 20,400 9,600 16.500. Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72,00 V Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)

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